Insights for New Product Launch Strategy - Power BI

Problem statement

Mitron Bank is a legacy financial institution headquartered in Hyderabad. They want to introduce a new line of credit cards, aiming to broaden its product offerings and reach in the financial market.

AtliQ Data Services came to know about this through an internal link and approached Mitron Bank with a proposal to implement this project. However, the strategy director of Mitron Bank, Mr. Bashnir Rover is skeptical and asked them to do a pilot project with the sample data before handing over the full project. They provided a sample dataset of 4000 customers across five cities on their online spending and other details.

As a data analyst, my role is to analyze the provided sample data and report key findings to the strategy team of Mitron Bank. This analysis is expected to guide them in tailoring the credit cards to customer needs and market trends. The successful acquisition of this project depends on my ability to provide actionable, data-driven recommendations and impress Mr. Bashnir Rover & his team.

Task List

You are a data analyst who has been provided with sample data to work on the following tasks.

• Design a dashboard with your metrics and analysis. The end users of this dashboard are top-level management and the product strategy team - hence the dashboard should be self-explanatory and easy to understand.
• Present your insights to stakeholders. Be creative and concise with your presentation.
• Use your dashboard in the presentation along with the deck.
• Use additional data based on your research to support your recommendations.

Data Model

Overview

Monthly Analysis View

Things that I learned from this Project

• I Learned, how to use bookmarks and selection for different purposes. (Page navigation and a clear filter button in the dashboard were achieved using bookmarks and selection same as a website page navigation.
• Tried using the color palette and sticking with those colors throughout the dashboard (Color palette link)

Some Key Metrics

Some Important insights from the Dashboard

• Mumbai ranks top among cities in terms of overall average monthly spending of 27.8 Million ₹, while Hyderabad has the lowest average monthly spending of 10.9 Million ₹.
• Overall Income Utilization % is highest in Mumbai with 49.9% and lowest in Chennai with 30.2%.
• Overall Credit card spending is highest in Mumbai with 11.2 Million ₹ and lowest in Hyderabad with 4.4 Million ₹.
• Credit card, with a 40.6% share in overall average monthly spending, is the most popular payment mode, followed by UPI with a 26.5% share and Debit card with a 22.5% share.
• Salaried IT employees have the highest overall average monthly spending of 39.4 Million ₹, followed by Business owners with 14.2 Million ₹, and Freelancers with 12.2 Million ₹.
• Overall Income Utilization % is higher in male customers with 43.2% compared to female customers with 38.5%.
• The 35-45 age group has the highest Overall Income Utilization % at 45.3%, followed by the 25-34 age group with 42.3%, and the 21-24 age group with 39.4%. However, the Overall average monthly spending is highest in the 25-34 age group due to a higher number of people from this group in this dataset.
• Overall monthly spending, Income Utilization %, and Credit card spending are higher in August and September compared to the rest of the months.
• From May to October, the overall average monthly spending on the Bills category is the highest, followed by the Groceries and Electronics categories.
• Overall average monthly credit card spending is highest in Bills, followed by Electronics, and Health and wellness categories.
• Overall average monthly credit card spending is highest in the 25-34 age group with 15.3 Million ₹, followed by the 35-45 age group with 11.9 Million ₹.
• Overall monthly spending is higher for male customers at 67.3% compared to female customers at 32.7%.
• Overall monthly spending is higher for married customers, accounting for around 80%, compared to single customers with 20%.
• Spending patterns in various categories and through different payment types differ based on age group, gender, and marital status.
• ► For the 25-34 age group,
• males, whether single or married, have the top three monthly spending categories: Bills, Groceries, and Electronics.
• Females, whether single or married, have the top three monthly spending categories: Bills, Travel, and Health & Wellness.
• ► For the 35-45 age group,
• males, whether single or married, have the top three monthly spending categories: Bills, Groceries, and Electronics.
• Females, whether single or married, have the top three monthly spending categories: Health and wellness, Bills, and Groceries.

Potential Decisions

1. Tailored Credit Card Offers: Develop customized credit card offers for the 25-34 age group, focusing on their top spending categories such as Bills, Groceries, and Electronics. This can attract a younger demographic and encourage higher credit card usage.

2. Marketing Campaigns for August and September: Leverage the higher spending patterns observed in August and September by launching targeted marketing campaigns during these months. Promotions, discounts, or rewards during this period can further boost credit card usage and attract new customers.

3. Diversify Credit Card Features: Introduce credit card features and rewards that align with the spending preferences of different age groups and genders. For example, offer travel-related perks for females in the 25-34 age group who prioritize Travel as a spending category.

4. Special Credit Card for Salaried IT Employees: Create a specialized credit card with exclusive benefits for salaried IT employees, who exhibit the highest overall average monthly spending. Tailor rewards, cashback, or loyalty programs to cater to their specific needs and preferences.

5. Promote Family-oriented Credit Card Features: Capitalize on the higher spending observed in the 35-45 age group, especially for health and wellness. Introduce family-oriented credit card features, such as health insurance or wellness-related rewards, to appeal to this demographic.

6. Targeted Marketing for Electronics Category: Since Electronics is a prominent spending category, develop targeted marketing campaigns around the purchase of electronic goods. Offer discounts, extended warranties, or exclusive deals for credit card users in this category.

7. Expand Credit Card Acceptance: Work on expanding the acceptance of the bank's credit cards at more merchants and outlets. A wider acceptance network can encourage existing customers to use their credit cards more frequently and attract new users.

8. Educational Campaigns on Credit Card Benefits: Launch educational campaigns to inform customers about the benefits and advantages of using credit cards, particularly focusing on the advantages in Bills, Groceries, and Electronics categories. This can dispel misconceptions and encourage more customers to adopt credit card usage.

9. Market Research on Emerging Spending Categories: Stay updated on emerging spending trends and adjust credit card offerings accordingly. Conduct regular market research to identify new categories gaining popularity, and introduce credit card features that align with these evolving consumer preferences.

10. Enhance Credit Card Visibility in Digital Channels: Recognizing the growing popularity of digital transactions, prioritize the online promotion and visibility of the new line of credit cards. Collaborate with popular digital platforms, optimize the bank's website for easy credit card exploration, and run targeted online marketing campaigns to create awareness and attract potential customers to the new credit card offerings.

Credit Card Feature Recommendations

1. Category-Specific Rewards:

   • Recommendation: Implement a rewards structure that offers higher cashback, discounts, or loyalty points for spending in categories such as Bills, Groceries, Electronics, and Health & Wellness, which were identified as top spending categories across age groups and genders.
   • Rationale: Aligning rewards with observed spending patterns encourages users to choose the credit card for their routine and major expenses, increasing overall card usage.

2. Family-centric Benefits:

   • Recommendation: Introduce family-oriented benefits, such as shared rewards, supplementary card privileges, or exclusive discounts on family-related expenses, targeting the 35-45 age group where family-centric spending, particularly in health and wellness, was prominent.
   • Rationale: Addressing the specific needs of families can attract and retain customers in the age group that exhibits higher spending in health-related categories.

3. Digital Wallet Integration:

   • Recommendation: Integrate the credit card seamlessly with popular digital wallets and UPI platforms, as digital payment modes were found to be widely used. Ensure that the credit card is compatible with major digital payment ecosystems to facilitate convenient and versatile transactions.
   • Rationale: Enhancing the digital presence of the credit card aligns with current consumer preferences, making it more likely for users to incorporate the card into their daily digital transactions.

4. Tailored Travel Benefits:

   • Recommendation: Incorporate travel-related perks for the 25-34 age group, such as airline miles, hotel discounts, or exclusive travel packages. This addresses the preferences of a demographic that prioritizes travel in their spending habits.
   • Rationale: Offering travel benefits taps into the interests of a significant consumer segment, potentially increasing credit card usage for both everyday and special expenses.

5. Financial Management Tools:

   • Recommendation: Provide users with advanced financial management tools, including budgeting features, spending analytics, and personalized financial advice. This addresses the need for financial awareness identified across age groups and can foster responsible credit card usage.
   • Rationale: Empowering users with tools to manage their finances aligns with the observed higher income bracket of salaried IT employees and can make the credit card a valuable tool in their financial planning.